WCI Steel Proposes to End Exclusivity for Filing Reorganization Plan
05/13/2004 -
| Return to Steel News Headlines| Print This Page |
WCI Steel Proposes
to End Exclusivity
for Filing Reorganization Plan
May 13, 2004 — WCI Steel, Inc. announced the company agreed to a stipulated order terminating its right of exclusivity to file a Plan of Reorganization.
| The USWA appeared in court Tuesday and reasserted its support of the Renco-sponsored plan and its agreement to the lifting of exclusivity. |
WCI filed its Plan of Reorganization on April 20 in U.S. Bankruptcy Court for the Northern District of Ohio, Eastern Division. Sponsored by The Renco Group, Inc., WCI's ultimate parent, the plan includes a recently negotiated labor agreement (subject to ratification) with the United Steelworkers of America. The plan is subject to approval by the bankruptcy court and a vote of creditors and other stakeholders.
Edward R. Caine, WCI's Vice Chairman and Chief Restructuring Officer, said that the company met its fiduciary duties in marketing the assets but stipulated to the termination order to underscore WCI's commitment to emerge from the Chapter 11 proceedings in the strongest financial position possible. "We believe WCI has presented the most viable reorganization plan possible, but we want any party interested in WCI to have ample opportunity to forward a competing plan," Caine said.
WCI is an integrated steelmaker producing more than 185 grades of custom and commodity flat-rolled steel at its Warren, Ohio, facility. WCI has approximately 1700 employees, and its products are used by steel service centers, convertors and the automotive and construction markets. The company filed a voluntary petition for protection under Chapter 11 of the U.S. Bankruptcy Code on Sept. 16, 2003.
